BitMine Immersion Technologies, a leading Ethereum-focused digital asset treasury firm, has stepped up its cryptocurrency purchase pace. According to Chairman Tom Lee, there are increasing indications that the crypto 'mini-winter' is coming to an end.
On Monday, the company announced the purchase of 101,627 ether (ETH) in the previous week, its largest weekly acquisition since December 15. The purchase, valued at over $230 million at current prices, has raised BitMine's total holdings to 4.97 million ETH. This move comes at a time when most digital asset treasury companies, with the exception of Michael Saylor's bitcoin-focused Strategy, have slowed down or halted their buying activities. BitMine remains one of the last major buyers of ether, providing a consistent source of demand for ETH.
The company's total crypto and cash holdings now stand at $12.9 billion, comprising its ETH treasury, 199 bitcoin, $1.12 billion in cash, and equity stakes in companies such as Beast Industries and Eightco Holdings. According to Lee, the company believes that the recent decline in crypto prices is nearing its end, citing ETH's rebound and broader market trends. "Bitmine has maintained an increased pace of ETH purchases over the past four weeks, as we believe ETH is in the final stages of the 'mini-crypto winter,'" Lee stated.
He further added that ether has experienced a significant surge from its early February lows and has outperformed equities since the start of the Iran conflict on February 28, driven by demand related to tokenization and AI-related uses. BitMine has also continued to expand its staking operations, with over 3.3 million ETH staked, equivalent to approximately two-thirds of its holdings, generating around $221 million in annualized revenue.